Question

The cost price of an article is 30 percent less than its selling price. Find, the profit or the loss as percent.

• A. $41\frac{6}{7}\%$ loss
  
• B. $40\frac{6}{7}\%$ loss
  
• C. $43\frac{6}{7}\%$ gain
• D. $42\frac{6}{7}\%$ gain

Answer 1

The correct option is D $42\frac{6}{7}\%$ gain

Given, $C.P.=\frac{70}{100}\times S.P.=0.7S.P.$
Since S.P. > C.P, there is a profit
Profit % $=\frac{S.P.-C.P.}{C.P}\times 100=\frac{S.P-0.7S.P.}{0.7C.P.}\times 100=42\frac{6}{7}$ %